In need of Financial Advice Regarding Med School!

[Dmizrahi]

Heres the deal:

I've been accepted to temple and I'm incredibly stoked about that. Temple, costs a pretty penny and I'm not a PA resident. I've been fortunate enough to get some help from my grandparents to help me pay for school (not all of school but probably around 20% of the total cost for 4 years).

What type of account or where would you stash the money(i.e. bank account, trust fund...etc), so you could maximize your grant/scholarship eligibility while remaining within legal parameters? Some other factors are the money needs to be accessible.

Any advice to what other students have done in the past or if anyone could refer me to someone other than the schools financial aid department, that would be great!

---

Members don't see this ad.

 

[GoHop]

Heres the deal:

I've been accepted to temple and I'm incredibly stoked about that. Temple, costs a pretty penny and I'm not a PA resident. I've been fortunate enough to get some help from my grandparents to help me pay for school (not all of school but probably around 20% of the total cost for 4 years).

What type of account or where would you stash the money(i.e. bank account, trust fund...etc), so you could maximize your grant/scholarship eligibility while remaining within legal parameters? Some other factors are the money needs to be accessible.

Any advice to what other students have done in the past or if anyone could refer me to someone other than the schools financial aid department, that would be great!

i looked into this for my undergrad tuition, i'm assuming it is just about the same for med schools, i could be wrong. they take everything in your bank account, everything in your trust, basically everything in your name into account when determining how much you are worth and how they think you can contribute to tuition. the only thing that is exempt are retirement accounts ie 401k and IRA's. i maxed out my IRA contribution 2 consecutive years b4 applying to college to get some money out of my name.

 

[etf]

what about illiquid investments like limited partnership interests that can't really be sold, although they're in your name?

 

[Dmizrahi]

Hmm etf i've never heard of that can you expand some more on what your suggesting?

Also, what if my grandparents periodically gift me the money, is there anyway for them to gift me a certain amount each year and prevent the gift money from being subject to taxing?

Thanks again for your replies!

 

[GoHop]

what about illiquid investments like limited partnership interests that can't really be sold, although they're in your name?

Thats a good question. Although i don't have a definitive answer i would guess that they do take it into account. Reason being that some trusts are set up so that they are in your name but you can't touch them until a certain age or under only certain circumstance; yet they still take these into account when determining your net worth. Please PM me for some other advice i don't want to post publicly.

 

[GoHop]

Hmm etf i've never heard of that can you expand some more on what your suggesting?

Also, what if my grandparents periodically gift me the money, is there anyway for them to gift me a certain amount each year and prevent the gift money from being subject to taxing?

Thanks again for your replies!

I dont know if i would post about how to avoid taxation on a public forum.......

edit: on second thought if you are talking about legal ways to avoid it you can receive a one time gift of up to $10,000 i believe that is tax free. There are also some other ways to avoid inheritance taxes, one way being to distribute the money gradually over the years rather than all at once when the loved one has passed

 

[dabiophyz]

If I ever get accepted, I am going to count on my trustworthy sibling.

 

[Dmizrahi]

I dont know if i would post about how to avoid taxation on a public forum.......

edit: on second thought if you are talking about legal ways to avoid it you can receive a one time gift of up to $10,000 i believe that is tax free. There are also some other ways to avoid inheritance taxes, one way being to distribute the money gradually over the years rather than all at once when the loved one has passed

I'm not trying to avoid taxation, i'm just curious what the limit in terms of inheritance/gift money is.

 

[Stroganoff]

I'm not trying to avoid taxation, i'm just curious what the limit in terms of inheritance/gift money is.

$11k/year off the top of my head. For gift money, not inheritance. Google around.